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"Tax exemption"
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Do Nonprofit Hospitals Deserve Their Tax Exemption?
Data suggest that many nonprofit hospitals don’t provide enough charity care or have a substantial enough Medicaid shortfall (relative to for-profit hospitals) to justify their favorable tax treatment.
Journal Article
What determines investment in the Nippon Individual Savings Account? an investigation of Japan’s tax-exempt investment account
In 2014, the Japanese government introduced the Nippon Individual Savings Account (NISA) to encourage tax-exempt investment and asset accumulation. In January 2024, the NISA underwent significant restructuring to boost household savings in financial asset investments. Taking advantage of the launch of the revamped NISA, we analyzed data collected in late 2022 of 95,632 active investors in a leading securities company to explore their preferences in the previous NISA. Notably, investors exhibit a preference for installment NISA over ordinary NISA, indicating an inclination for long-term capital establishment through gradual investments in secure financial assets. Regression analysis reveals that installment NISA investors are typically female, older, married, or divorced, have lower educational qualifications, engage in part-time employment, have higher incomes, display risk aversion, maintain larger asset balances, and adopt long-term perspectives. By contrast, those favoring ordinary NISA tend to be male, young, married, and financially literate and to have lower incomes, higher asset balances, and shorter-term perspectives. This study advocates maintaining both NISA types, increasing the annual and total investment limits, and eliminating tax exemption periods. These measures would be advantageous for tax savings and capital formation. However, a robust financial education campaign is emphasized to encourage individuals to invest in financial assets, breaking the tradition of keeping funds idle.
Journal Article
Provision of Community Benefits by Tax-Exempt U.S. Hospitals
In this analysis of IRS reports filed by tax-exempt hospitals, wide variation was observed in spending on community benefits (hospitals in the top decile spent 20% of operating expenses, and those in the bottom, 1%). Most spending was for unreimbursed costs of patient care.
A long-standing policy issue in the United States concerns tax exemption for nonprofit hospitals. Almost all such hospitals are exempt from income, property, and sales taxes on the basis that they qualify as charitable organizations.
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Although federal, state, and local standards for defining a charitable organization differ in many cases, there is a general expectation that tax-exempt hospitals will benefit their communities by providing services and otherwise engaging in activities that they fully or partially subsidize.
However, the question of whether tax-exempt hospitals provide appropriate levels of community benefits has generated considerable controversy. At the local level, a number of . . .
Journal Article
Anchor Institutions: Best Practices to Address Social Needs and Social Determinants of Health
“Anchor Institutions”—universities, hospitals, and other large, place-based organizations—invest in their communities as a way of doing business. Anchor “meds” (anchor institutions dedicated to health) that address social needs and social determinants of health have generated considerable community-based activity over the past several decades. Yet to date, virtually no research has analyzed their current status or effect on community health. To assess the current state and potential best practices of anchor meds, we conducted a search of the literature, a review of Web sites and related public documents of all declared anchor meds in the country, and interviews with 14 key informants. We identified potential best practices in adopting, operationalizing, and implementing an anchor mission and using specific social determinants of health strategies, noting early outcomes and lessons learned. Future dedicated research can bring heightened attention to this emerging force for community health.
Journal Article
The Value Of The Nonprofit Hospital Tax Exemption Was $24.6 Billion In 2011
The federal government encourages public support for charitable activities by allowing people to deduct donations to tax-exempt organizations on their income tax returns. Tax-exempt hospitals are major beneficiaries of this policy because it encourages donations to the hospitals while shielding them from federal and state tax liability. In exchange, these hospitals must engage in community benefit activities, such as providing care to indigent patients and participating in Medicaid. The congressional Joint Committee on Taxation estimated the value of the nonprofit hospital tax exemption at $12.6 billion in 2002-a number that included forgone taxes, public contributions, and the value of tax-exempt bond financing. In this article we estimate that the size of the exemption reached $24.6 billion in 2011. The Affordable Care Act (ACA) brings a new focus on community benefit activities by requiring tax-exempt hospitals to engage in communitywide planning efforts to improve community health. The magnitude of the tax exemption, coupled with ACA reforms, underscores the public's interest not only in community benefit spending generally but also in the extent to which nonprofit hospitals allocate funds for community benefit expenditures that improve the overall health of their communities.
Journal Article
State Laws and Nonprofit Hospital Community Benefit Spending
To determine the association of state laws on nonprofit hospital community benefit spending.
We used multivariate models to estimate the association between different types of state-level community benefit laws and nonprofit hospital community benefit spending from tax filings.
All 50 US states.
A total of 2421 nonprofit short-term acute care hospital organizations that filled an internal revenue service Form 990 and Schedule H for calendar during years 2009-2015.
Between 2009 and 2015, short-term acute care hospitals spent an average of $46 billion per year in total, or $20 million per hospital on community benefit activities. Exposure to a state-level community benefit law of any type was associated with an $8.42 (95% confidence interval: 1.20-15.64) per $1000 of total operating expense greater community benefit spending. Spending amounts and patterns varied on the basis of the type of community benefit law and hospital urbanicity.
State laws are associated with nonprofit hospital community benefit spending. Policy makers can use community benefit laws to increase nonprofit hospital engagement with public health.
Journal Article
TAXING POLICE BRUTALITY BONDS
In view of decades of devastating police violence and efforts to reform policing, this Note points to two concurrent phenomena that result in the federal tax code granting benefits to the wealthiest taxpayers who lend to municipalities for police brutality settlements. The first phenomenon is cities electing to issue bonds to satisfy these costly payouts. These bonds have been coined “police brutality bonds.” The second phenomenon is the tax benefit to investors in the top tax brackets for collecting interest from municipal bonds—compared to like private bonds. This Note argues that the federal tax code should not allow wealthy taxpayers to receive tax benefits from funding police brutality bonds. Further, since tax exemption of municipal bonds is a form of federal subsidy, this Note argues that a federal subsidy for police brutality bonds is inappropriate given the legislative intent and economic justification behind tax exemption.
Journal Article
Banks Get Tax Break On Ag Loans
BANKING Arkansas bankers have long advocated for the Access to Credit for our Rural Economy Act, better known as ACRE, which allows banks to exclude a portion of the interest income on certain agriculture loans from their gross income. Lorrie Trogden, president and CEO of the Arkansas Bankers Association, said the new provision will allow for more competition in agricultural lending, giving banks more room to lower interest rates on those loans. Trogden says the banking industry has been \"extremely frustrated\" that banks compete against farm credit services that don't operate under the same rules.
Journal Article
Does a Tax Exemption of Retained Profits Strengthen the Equity Base of Firms?
Tax legislators have used a tax exemption of retained profits (TERP) to stimulate an increase in firms equity by imposing a lock-in effect. We examine the Croatian TERP over the period 2013–2016 to investigate whether taxpayers use a TERP and whether it contributes to an increase in firms equity. Our findings show that Croatian firms used the TERP, but its application varies substantially depending on the ownership structure of the firm. Compared to a control group, total equity of Croatian firms did not increase after the introduction of the TERP, indicating that firms used the TERP as a tax saving tool without changing their payout policy.
Journal Article